July 12, 2006
Bombings don’t hurt Mumbai markets
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Filed under: Equities, Economy, Asia, Japan, India, South Korea
The train bombings in Mumbai on Tuesday seemed not to have had much effect on Indian equities markets, at least in the short term, after the nation’s finance minister said that the bombings would not harm the economy there. The BSE Sensex index was up 3 percent Wednesday to 10,930.09.
Elsewhere in Asia, however, some equities markets declined, primarily due to worries about the news in corporate earnings reports. While the Hang Seng index in Hong Kong added 0.2 percent to 16,522.21 as resources stocks climbed as commodity prices rose, the weighted index in Taipei fell 0.1 percent to 6,634.09 and the Kopsi index in Seoul declined by 0.3 percent to 1,296.69.
In Tokyo, the equities markets were substantially lower, mostly on anticipation of an expected move later in the week by the Bank of Japan to raise interest rates above zero for the first time in six years. The Nikkei 225 dropped 1.5 percent to 15,249.32. Meanwhile, the Topix index fell 1.4 percent to 1,563.69.
Consumer finance companies saw huge losses as concerns continued about the lowered ceiling on allowable interest rates for their loans. Aiful dropped 7.2 percent to ¥4,870, while Takefuji declined by 7.6 percent to ¥5,840.
The real estate sector also saw significant declines, with the sector as a whole down by 2.7 percent. Mitsui Fudosan dropped 1.9 percent to ¥2,390, while Sumitomo Realty and Development fell 2.3 percent to ¥2,735 and Mitsubishi Estate declined by 3 percent to ¥2,295.
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May 29, 2006
Asian markets mostly higher; Tokyo mixed
Permalink: Asian markets mostly higher; Tokyo mixed
Filed under: Equities, Economy, Asia, Japan, India, South Korea
Most Asian equities markets saw gains on Monday, with Tokyo again being the exception as the Topix index was slightly higher but the Nikkei was down by 55.08 points on the day.
In South Korea, the Kospi Index added 0.5 percent to 1,329.22 as foreign buyers purchased more than they sold for the first time in 14 trading days. The Hang Seng in Hong Kong added 0.4 percent to 15,963.77 despite caution in anticipation of the beginning of trade by the Bank of China, scheduled for Thursday. The BSE Sensex index in Mumbai added 0.4 percent to 10,853.14 on advances in the transportation sector. In Karachi, Pakistan, however, the KSE-100 lost 3.9 percent to 10,247.59 as foreign fund managers sold heavily.
In Tokyo, while the Topix added 0.2 percent, a mere 2.39 points, to 1,616.17 on steel and banking advances, the Nikkei 225 dropped 0.3 percent to 15,915.68.
The banking sector added 1.2 percent as a whole, with Mitsubishi UFJ and Resona each up by 2.7 percent, to ¥1,540,000 and ¥348,000 respectively. Despite forecasts for this year that were disappointing for some banks, most annual reports for the year just ended were good.
Steel companies were up on reports that European steel maker Arcelor will purchase Russian company Severstal. Nippon Steel gained 0.7 percent to ¥471, Tokyo Steel Manufacturing was up 1 percent to ¥2,460, and JFE added 1.7 percent to ¥4,860.
Toyota was up 0.5 percent to ¥6,140 after Daiwa Institute of Research raised its target share price on the carmaker.
Declines came in the retail sector after new data showed that year-on-year sales were down in April. Seven & I dropped 1 percent to ¥4,070, while Isetan was down 1.4 percent to 2,085 and Matsuzakaya declined 2 percent to ¥872.
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May 25, 2006
Asian markets mostly lower again
Permalink: Asian markets mostly lower again
Filed under: Equities, Economy, Asia, Japan, India, South Korea
Asian equities markets were down again on Thursday as investors continued to look for less risky places to put their money. The exception was the BSE 30 Index in India, which added 0.88 percent to 10,666.32 after a rally late in the day.
In Thailand the SET Index fell 1.8 percent to 701.03, it’s lowest close in five months. In South Korea, the Korea Composite Stock Price Index dropped 2.82 percent to 1,295.76, the third biggest one-day decline so far this year and the index’s lowest close in six months. The Hang Seng, in Hong Kong, declined by 0.79 percent to 15,696.89, while the Straits Times Index in Singapore lost 1.3 percent to 2,404.45.
Elsewhere in the Pacific, the S&P/ASX 200 in Sydney lost 1.21 percent to 4,976.80.
The Tokyo equities markets were also down on the day, with the Nikkei 225 losing 1.3 percent to 15,693.75 and the Topix index dropping 1.3 percent as well, to close at 1,584.71. Declines came for both domestic and export-focused stocks.
The electronics sector was down 1.4 percent as a whole. Toshiba lost 4.5 percent to ¥713, while Sony declined by 1.4 percent to ¥5,090. Automobile manufacturer Toyota, also focused on exports, lost 1.8 percent to ¥6,010.
Among more domestically focused sectors, securities were down 3.6 percent as a whole. Nomura dropped 3.7 percent to ¥2,200, while Daiwa Securities and Nikko Cordial each lost 4 percent to ¥1,377 and ¥1,566 respectively.
The real estate sector dropped 1.5 percent as a whole. Mitsui Fudosan lost 1.9 percent to ¥2,340 and Mitsubishi Estate ended the day down 3.9 percent to ¥2,230.
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May 22, 2006
Asian equities markets decline
Permalink: Asian equities markets decline
Filed under: Equities, Economy, Asia, Australia, Japan, India, South Korea
Equities markets in Asia saw substantial declines on Monday as investors interested in avoiding risks exited emerging markets. Declines were widespread throughout the region.
In Mumbai, the market fell 10 percent during the day, causing trade to be suspended for an hour. Once trade resumed, the market recovered some but still closed 4.2 percent lower at 10,481.77. In other major Asian markets, Indonesia’s Composite Index lost 6 percent to 1,309.05 and the Straits Times in Singapore and the Hang Seng in Hong Kong each dropped 3.1 percent to 2,416.69 and 15,805.52 respectively.
The Kospi index in Seoul declined by 2.5 percent to 1,338.59. The biggest exception to the declines there was retailer Shinsegae, which added 6.6 percent on the day to won460,000 after it said it would buy Wal-Mart’s South Korean stores.
Meanwhile, in Australia, the S&P/ASX in Sydney dropped 1.4 percent to 5,030.8. Miners were a factor there, with BHP Billiton dropping 3 percent to A$27.89 and Rio Tinto falling 3.9 percent to A$75.22. Oil stocks were also lower in Sydney, with ARC Energy down 6.4 percent to A$1.54 and Hardman Resources declined by 6.7 percent to A$1.76.
In Tokyo, the Nikkei 225 closed at its lowest level in two months, dropping 1.8 percent to 15,857.87. The Topix index lost 1.4 percent to 1,615.86. Miners were down there, as well, with Nippon Mining losing 8 percent to ¥948 and Sumitomo Metal Mining down by 3.9 percent to ¥1,471.
Among Japanese semiconductor companies, Elpida Memory lost 5.2 percent to ¥4,890 on a restatement of last year’s earnings that showed an even wider net loss than had been previously reported. In the electronics sector, Sony added 0.8 percent to ¥5,120 on the announcement that mobile carrier KDDI has plans to launch a line of Walkman-type mobiles manufactured by Sony Ericsson. The news sent shares in KDDI up 1.4 percent to ¥737,000.
Seafood processing groups saw the biggest gains for the day in Tokyo, with Nippon Suisan adding 10.2 percent to ¥584 and Maruha gaining 3.3 percent to ¥282. The sector has been benefiting from foreign demand for their products.
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